Time to say goodbye? Exploring the entrepreneurial transition to retirement

This study presents the experiences of entrepreneurs who are approaching the end of their careers and what society defines as working life. This topic is a significant gap in the literature and existing terms used to describe retirement do not accurately capture the retirement considerations of entrepreneurs. A series of two interviews were conducted with fifteen entrepreneurs, all of whom are within five years of the state defined retirement age. Analysis of the data from the 30 interviews supports the identification of four types of entrepreneurial approach to retirement. Each of the four types will approach retirement differently, depending on their experience as an entrepreneur and factors external to business such as financial and family circumstances. The recognition that there are distinctive aspects to the retirement decisions of entrepreneurs, challenges our established theoretical understanding of the end of working life, creating a multitude of research questions that form an important research agenda within entrepreneurship. • Data collected during two interviews with fifteen entrepreneurs, all of whom are within five years of retirement. • Findings which aid our emergent understanding of distinctive retirement decisions of entrepreneurs. • The identification of four types of entrepreneurial approach to retirement. • Proposal of a research agenda. SummaryMost entrepreneurs will plan for retirement, and in the end, most will decide to retire. However, there are a complex range of push and pull factors which influence both the willingness and ability of our entrepreneurs to retire. This study is based on a series of two interviews with 15 entrepreneurs who are approaching what society defines as the end of working life. To help frame the findings we consolidate the interview data into the story of four different approaches to retirement. You will notice that the naming of the types has a musical connection, this helps to make them memorable whilst also paying homage to Queen, Earth Wind and Fire, Justin Bieber and Dusty Springfield! Table 4 provides a detailed description of each type and should resonate both with our readership and our entrepreneurs. Readers should engage with the entrepreneurs in their networks. Talk to them about their plans for retirement. Ask them to make plans, ask them to consider how best to manage the end of working life for them, their families, their staff and their communities. The transition to retirement is a seismic event for our entrepreneurs and needs careful and consider planning on a par with that associated with starting an entrepreneurial journey.